IMF approves 8th EFF review, disbursement of $0.5 bln tranche for Ukraine

MOSCOW. July 1 (Interfax) - The International Monetary Fund (IMF) Executive Board on Monday completed the Eighth Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about $0.5 billion (SDR0.37 billion) to Ukraine as the ninth tranche, which will go into budget support, Ukrainian media said, citing information on the IMF website.

The 48-month EFF for Ukraine in the amount of SDR11.6 billion, equivalent to around $15.5 billion, was approved on March 31, 2023 and is part of an international support package totaling $152.9 billion in the program's baseline scenario, the IMF said. The ninth tranche will bring the total disbursements under the IMF-supported program to $10.6 billion.

According to media reports, the IMF's ninth and tenth EFF reviews, scheduled for late August and early December 2025, respectively, have been merged into one, tenth, review, which is due to take place in Q4 2025.

According to information on the IMF website, Kiev explained this proposal with plans to align the fund's financing with the structure of Ukraine's anticipated needs in the balance of payments in the expectation of larger than expected revenues in Q3 2025, a bigger outflow of funds from the balance of payments at the end of the year, as well as in order to have more time to carry out reforms.

Consequently, the merged tenth tranche under the IMF program will now stand at SDR1.117 billion, or $1.6 billion according to today's exchange rate.

The subsequent review and tranche disbursement schedule until the program's completion in the spring of 2027 remains unchanged.

In late March 2023, the IMF approved a 48-month EFF program for Ukraine in the amount of SDR11.6 billion, which is equivalent to around $15.5 billion. It is part of an international support package totaling $152.9 billion in the program's baseline scenario.

In the early hours of Tuesday, the IMF approved the eighth EFF review and a disbursement of the ninth tranche of approximately $500 million, bringing the total disbursements under the program to $10.6 billion.

During the seventh EFF review in March 2025, the IMF adjusted the payment structure at Ukraine's request, reducing the 9th tranche due in June from SDR0.60 billion to SDR0.37 billion, the 10th tranche in late August from SDR0.40 billion to SDR0.33 billion, increasing the 11th tranche in early December from SDR0.33 billion to SDR0.79 billion, the 12th tranche in early March 2026 from SDR0.70 billion to SDR0.93 billion, but keeping the 13th tranche due in late August 2026 and the 14th tranche in March 2027 unchanged at SDR0.75 billion and SDR0.79 billion, respectively.